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Wednesday, 30 September 2015

Copper Slips On China Growth Concerns

Copper prices fell by 0.36 per cent on Tuesday as concerns over the health of China's economy dampened appetite for the red metal.

Private sector data last week revealed that manufacturing activity in China in September contracted at the fastest pace since the global financial crisis, fueling fears over slackening demand for the industrial metal.At the MCX, copper futures for November 2015 contract were trading at Rs. 332.80 per 1 kg, down by 0.36 per cent, after opening at Rs. 332.70 against the previous closing price of Rs. 334. It touched the intra-day low of Rs. 329.75 till the trading. (At 4.45 PM today).

However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 625 metric tonnes to 321600 metric tonnes as on September 29, 2015.